Tata Motors, India’s third-largest car and SUV manufacturer, has announced a rate hike across its passenger vehicles with effect from today. The hike, of 1.1 per cent, is done to partially offset the rise in input cost, the Mumbai-based company said. The quantum of the hike is dependent on the variant and model.
The company had earlier announced a hike of 2-2.5 per cent on its commercial vehicle range, which came into effect from April 1.
In recent weeks, the prices of commodities such as steel, aluminium, semiconductors and transport have substantially increased.
Other car manufacturers have also increased their prices recently. Maruti Suzuki, India’s largest carmaker, announced a price hike a few weeks ago. Toyota Kirloskar, Kia and Mahindra & Mahindra also announced hikes.
The increase by carmakers comes amid record pending bookings orders.